v3.25.4
Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate

Type of Loan (1)

Principal Balance (2)

 

Carrying Amount (2)

 

Property Type

Cash Coupon (2)

Periodic Payment Terms (3)

Maximum Maturity (4)

First Mortgage Loan 1

$

12,700

 

$

13,363

 

Office

SOFR+4.70%

I/O

2/9/26 (5)

First Mortgage Loan 2

 

13,626

 

 

13,424

 

Office

SOFR+3.10%

I/O

5/9/26

First Mortgage Loan 3

 

24,946

 

 

24,039

 

Multifamily

SOFR+2.90%

I/O

5/9/26 (6)

First Mortgage Loan 4

 

24,081

 

 

24,106

 

Multifamily

SOFR+3.05%

I/O

12/9/26

First Mortgage Loan 5

 

25,625

 

 

24,790

 

Multifamily

SOFR+2.85%

I/O

12/9/26

First Mortgage Loan 6

 

39,217

 

 

38,788

 

Multifamily

SOFR+3.05%

I/O

12/9/26

First Mortgage Loan 7

 

25,655

 

 

25,525

 

Multifamily

SOFR+3.20%

I/O

1/9/27

First Mortgage Loan 8

 

16,040

 

 

16,018

 

Industrial

SOFR+3.55%

I/O

3/9/26

First Mortgage Loan 9

 

15,261

 

 

15,239

 

Multifamily

SOFR+3.30%

I/O

2/9/27

First Mortgage Loan 10

 

30,000

 

 

29,971

 

Mixed Use

SOFR+3.04%

I/O

3/9/27

First Mortgage Loan 11

 

29,472

 

 

29,404

 

Multifamily

SOFR+3.40%

I/O

3/9/27

First Mortgage Loan 12

 

15,227

 

 

14,989

 

Multifamily

SOFR+3.25%

I/O

4/9/27

First Mortgage Loan 13

 

20,102

 

 

20,069

 

Multifamily

SOFR+3.40%

I/O

5/9/26

First Mortgage Loan 14

 

51,223

 

 

50,679

 

Multifamily

SOFR+3.45%

I/O

6/9/27

Credit Loan 1

 

7,500

 

 

7,489

 

Office

9.20%

I/O

10/11/27

$

350,675

 

$

347,893

 

 

 

 

 

____________

 

 

 

 

 

 

 

 

 

(1)
First mortgage loans are first position mortgage loans and credit loans are mezzanine and subordinated loans.
(2)
Cash coupon is the stated rate on the loan. Our first mortgage loans are all floating rate and each contains a minimum SOFR floor. As of December 31, 2025, the weighted average SOFR floor for these loans was 0.31%. An 80% undivided senior interest in First Mortgage Loan 1, which includes the right to receive priority interest payments at a rate of SOFR+2.00%, was sold by our Operating Partnership pursuant to a Loan Participation Agreement dated November 15, 2021. Our Operating Partnership has retained a 20% undivided subordinate interest in the loan.
(3)
I/O = interest only, P/I = principal and interest.
(4)
Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date.
(5)
During the quarter ended December 31, 2025, the Company reviewed the property performance and estimated the property value, noting that the valuation exceeded the outstanding loan balance. As a result, no asset-specific CECL reserve was recorded for the loan as of December 31, 2025. The loan matured on February 9, 2026 and was not repaid or extended. The Company sent the borrower a maturity default notice and began the foreclosure process.
(6)
The loan matures on May 9, 2026. The Company has reviewed the loan and based on the estimated LTV recorded a $0.9 million asset-specific CECL reserve as of December 31, 2025.

Reconciliation of Commercial Mortgage Loans, At Cost:

The following table reconciles commercial mortgage loans, at cost for the years ended:

 

2025

 

2024

 

2023

 

Balance at January 1,

$

549,173

 

$

722,003

 

$

842,278

 

Adoption of ASU 2016-13

 

—

 

 

—

 

 

(4,787

)

Balance at beginning of period after adoption

 

549,173

 

 

722,003

 

 

837,491

 

Additions during period:

 

 

 

 

 

 

Loan fundings

 

2,043

 

 

10,217

 

 

23,073

 

Amortization of deferred fees and expenses

 

1,445

 

 

600

 

 

865

 

Deductions during period:

 

 

 

 

 

 

Collections of principal

 

(99,369

)

 

(123,778

)

 

(107,520

)

Sale of loan (1)

 

(47,476

)

 

(12,749

)

 

(17,433

)

Transfer on foreclosure to real estate owned (2)

 

(61,826

)

 

(53,887

)

 

—

 

Reversal of (provision for) credit losses

 

1,091

 

 

(2,481

)

 

(16,957

)

Net fees capitalized into carrying value of loans

 

(1,316

)

 

(1,184

)

 

(999

)

Deferred interest capitalized into carrying value of loans

 

631

 

 

—

 

 

—

 

Loan written off (3)

 

(5,380

)

 

—

 

 

—

 

Charge-offs (4)

 

8,877

 

 

10,432

 

 

3,483

 

Balance at December 31,

$

347,893

 

$

549,173

 

$

722,003

 

 

(1)
The Company sold one loan during 2025, one loan during 2024 and one loan during 2023. See Note 3 and Note 5 for further information.
(2)
The Company acquired one multifamily and one office property during 2025. The Company acquired one multifamily and two office properties during 2024. See Note 13 for further information.
(3)
Relates to write-off of a loan. See Note 3 for further information.
(4)
Relates to the acquisition of properties secured by senior loans, sale of loans, settlement of a loan and write-off of a loan. See Note 3, Note 5 and Note 13 for additional information.